Climate Deal 2015

Paris Climate Summit December 3: Things Get Complicated

Some of the optimism we saw during the first days of the negotiations has worn off. Laurent Fabius (President of the conference) has reiterated the need to speed up the pace of the negotiations and Christiana Figueres (Executive Secretary of the UN climate negotiations) has called countries to demonstrate their leadership.

There have been some tense debates around the preamble, with Parties arguing back and forth over the nature of the text. Some developing countries have not been too keen on a proposal by the United States, Australia and Canada to reduce ambition in their reduction of emissions. Venezuela has also been a bit problematic, asking to delete a reference on the role of non-state actors in the text. Interventions by Saudi Arabia has slowed down the process to deliver an agreement between 195 countries, undermining the progress that has been achieved in the last few months.

International Cooperation

  • Developing countries have reiterated the importance of ensuring funding for the implementation of different elements in the Agreement, calling for developed countries to lead.
  • Most media coverage has focused on questions of finance.

Adapting to Climate Impacts

  • Discussions on the adaptation section of the Agreement have now covered half of the text. There is now further clarity on a global vision for adaptation and on individual and collective efforts.
  • During “Resilience Day” over $0.5 billion was pledged by UN agencies, the EU and NGOs to increase the resiliency of communities around the world.

On Reducing Emissions

  • Negotiations on the reduction of emissions have progressed. The position on a long-term goal is less polarized, although some countries like the Unites States do not want to see strong language asking to remove fossil fuels from the global economy.
  • The new text now has an option for countries to to achieve "zero global greenhouse gas emissions by 2060 to 2080"

Action on the Ground

  • At least 500 institutions with more than $3.4tn in assets have pledged to avoid or cut their holdings in fossil fuels as the momentum around the divestment movement continues to increase.
  • At various side events, CEOs of pension funds and asset managers came together to discuss how to shift capital in favor of a transition towards a low-carbon world, focusing on how investors can create incentives that favor a cleaner economy.

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